AIRLINK 75.30 Increased By ▲ 0.05 (0.07%)
BOP 5.13 Increased By ▲ 0.02 (0.39%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.69 Increased By ▲ 2.16 (6.64%)
DGKC 90.60 Increased By ▲ 0.25 (0.28%)
FCCL 22.96 Decreased By ▼ -0.02 (-0.09%)
FFBL 33.24 Decreased By ▼ -0.33 (-0.98%)
FFL 9.94 Decreased By ▼ -0.10 (-1%)
GGL 11.23 Increased By ▲ 0.18 (1.63%)
HBL 115.19 Increased By ▲ 0.29 (0.25%)
HUBC 136.45 Decreased By ▼ -0.89 (-0.65%)
HUMNL 10.15 Increased By ▲ 0.62 (6.51%)
KEL 4.63 Decreased By ▼ -0.03 (-0.64%)
KOSM 4.73 Increased By ▲ 0.03 (0.64%)
MLCF 40.50 Decreased By ▼ -0.04 (-0.1%)
OGDC 141.20 Increased By ▲ 1.45 (1.04%)
PAEL 27.65 No Change ▼ 0.00 (0%)
PIAA 25.10 Increased By ▲ 0.70 (2.87%)
PIBTL 6.85 Decreased By ▼ -0.07 (-1.01%)
PPL 124.50 Decreased By ▼ -0.80 (-0.64%)
PRL 27.45 Decreased By ▼ -0.10 (-0.36%)
PTC 14.20 Increased By ▲ 0.05 (0.35%)
SEARL 62.68 Increased By ▲ 0.83 (1.34%)
SNGP 72.50 Decreased By ▼ -0.48 (-0.66%)
SSGC 10.50 Decreased By ▼ -0.09 (-0.85%)
TELE 8.77 Decreased By ▼ -0.01 (-0.11%)
TPLP 11.53 Decreased By ▼ -0.20 (-1.71%)
TRG 66.50 Decreased By ▼ -0.10 (-0.15%)
UNITY 25.80 Increased By ▲ 0.65 (2.58%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,832 Increased By 28.9 (0.37%)
BR30 25,779 Decreased By -36.8 (-0.14%)
KSE100 74,712 Increased By 180.4 (0.24%)
KSE30 24,054 Increased By 99.9 (0.42%)

PeugeotPARIS: The head of struggling carmaker PSA Peugeot Citroen met with Prime Minister Jean-Marc Ayrault on Monday ahead of the government's announcement of a major shake-up of France's car sector.

Phillipe Varin repeated his promise that the firm would do its best to find alternatives for the 8,000 workers it plans to lay off and to save its historic Aulnay plant north of Paris.

Varin told reporters after the meeting that he had "made the commitment that each worker finds a solution to his employment problem" and said none would be brutally let go.

Peugeot, the biggest French carmaker and second in Europe to Germany's Volkswagen, came under fire after announcing this month plans to cut the 8,000 jobs and to possibly close the Aulnay plant because of falling European sales.

The job cuts dealt a blow to President Francois Hollande's efforts to get France's economy back on track amid concerns the country could be heading for a recession after an expected contraction in the second quarter.

The government has named an expert to look at Peugeot's finances and will on Wednesday announce a programme to reboot the automobile sector -- including "massive support" for high-tech and environmentally friendly vehicles.

Earlier Monday, Peugeot said it had reached a deal to provide Japan's Toyota with light commercial vehicles for sale in Europe.

The two firms said in a statement that PSA will provide Toyota with medium-sized vans derived from its existing vehicles and the two companies will then work together on developing a new generation of vehicles.

Copyright AFP (Agence France-Presse), 2012

Comments

Comments are closed.